POWERING MICHIGAN STARTUPS
PORTFOLIO NEWS
Workit Health
ID Ventures would like to congratulate Lisa McLaughlin and Robin McIntosh, co-CEOS of our portfolio company, Workit Health on their $118 Million Series C Funding to accelerate adoption of digital addiction care!
Workit Health Raises $118 Million Series C Funding Led By Insight Partners To Accelerate Adoption Of Digital Addiction Care
Workit Health will use the funding to meet demand for its easy-to-use, evidence-based telemedicine addiction care program
ANN ARBOR, Mich., Oct. 2021 /PRNewswire/ -- Workit Health, the nation's leading provider of virtual substance use disorder treatment, today announced a $118 million round of investment led by New York-based global private equity and venture capital firm Insight Partners, with participation from CVS Health Ventures, FirstMark Capital, BCBS Venture Fund, and 3L Capital. This investment comes in the wake of heightened demand for telemedicine options during the COVID-19 pandemic, resulting in a 400% increase in Workit Health membership over the past 18 months. The funding will be used to accelerate Workit Health's growth into new markets, as well as expanding its primary and psychiatric care offerings, bringing effective care for substance use and co-occurring conditions to people from the privacy of their own home.
"Workit is at the forefront of massive acceleration in telemedicine adoption, which is key to solving the overdose crisis that was exacerbated by COVID-19. The risk factors associated with substance use have dramatically increased," said Lisa McLaughlin, Workit Health's Co-CEO. "This latest funding round helps us grow our relationship-based, telehealth-first, value-based approach into new regions that are in desperate need of simple and trusted solutions like Workit."
"We're establishing a new model for addiction care in America, and proud to be working with partners at the cutting edge of high growth in health care and technology," says Robin McIntosh, Workit Health's Co-CEO. "We lost a record-breaking 90,000 people to overdose deaths last year due to an outdated treatment system. Thousands of inpatient programs shuttered, leaving patients nationwide stranded and cut off from access to care. With Workit, starting on the journey to recovery is as simple as downloading an app. Our ultimate goal is to democratize access to addiction care for anyone who wants it."
Clinically-proven low-barrier substance use disorder care
Since the company was co-founded by McLaughlin and McIntosh in 2015 after their own experiences with broken treatment systems, Workit Health has become the most complete and widely covered virtual addiction care program. Workit improves outcomes for substance use disorder and co-occurring conditions, allowing people to receive evidence-based clinical care—including medication for substance use and mental health—the moment they're ready, via the Workit app.
- 84% of Workit members stay in the program longer than 30 days, compared to an industry average of 33% of patients staying in traditional treatment the first month. 41% of Workit members receive treatment for longer than one year.
- Workit members report a reduction in addictive behavior, and also a decrease in anxiety, and increase in healthy habits like exercise and controlled spending.
- Workit Health app is the top-rated telemedicine addiction app on both iOS and Android, with over 600 reviews and an average 4.7 rating.
Expanding nationally and adding new programs to meet demand
Workit Health offers licensed clinical support for substance use disorder and co-occurring conditions in ten states: Alaska, California, Florida, Michigan, Minnesota, New Jersey, Ohio, Oregon, Washington, and Texas. In addition, Workit currently offers a coaching and counseling program nationwide. Workit's clinical and counseling programs are currently covered by insurance for over 93 million lives. This new investment will allow Workit to expand into new regions this year and next, with plans to be national by 2023.
"Insight's investment in Workit Health speaks to their outcomes and impact—they're leading the revolution to modernize addiction care," said Nicole Shimer, Vice President at Insight Partners. "We're looking forward to supporting Workit's long-term vision to help more people across the United States break free of drug and alcohol addiction." As part of the round, Nicole Shimer, will join Workit's Board of Directors with Peter Segall, Managing Director at Insight Partners joining as a Board Observer.
"Workit Health's evidence-based virtual offering is transforming how substance use and mental health care is delivered for those suffering from many forms of addiction," said Josh Flum, Chief Strategy & Business Development Officer, CVS Health. "Building upon our existing relationship, this investment in Workit Health further demonstrates CVS Health's commitment to make health care more affordable, accessible, and simpler."
Workit Health is harm-reduction oriented, and their licensed clinicians and counselors prioritize honesty and engagement over an "on the wagon, off the wagon" focus. This holistic approach allows members to collaborate with licensed clinicians and counselors on their own care goals. The program includes telemedicine visits and medication e-prescribed to a local pharmacy, as well as online recovery groups, an interactive therapeutic curriculum, and direct messaging with a care team. In 2021, Workit Health's offerings expanded to include primary care for commonly occurring physical conditions like hepatitis C and PrEP, and psychiatric care including depression, anxiety, insomnia, and ADHD.
About Workit Health
Workit Health is the industry-leading provider of clinically proven telemedicine treatment for substance use disorder, offering online therapy, medication-assisted treatment, psychiatric support, and primary care via the Workit Health mobile app. Workit brings the gold standard of substance use treatment into the privacy of people's homes at the moment they're ready for help, allowing people to find long-term freedom from drugs and alcohol with minimal disruption to their daily lives. Workit Health partners with individuals, health plans, and employers. More about Workit Health at: https://www.workithealth.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About CVS Health Ventures
CVS Health Ventures is a dedicated corporate venture capital fund that invests in, and partners with, high-potential, early-stage health care companies. Aligned to CVS Health's purpose, the fund targets investments in the areas of transforming care delivery, whole-person care, consumer-centric health, and disruptive technology enablement. In addition to investing, CVS Health Ventures connects promising entrepreneurs with CVS Health's unmatched enterprise capabilities and consumer touchpoints to support their growth. Learn more at cvshealth.com/ventures.
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About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org . Join the conversation on: Facebook Instagram LinkedIn , and Twitter.
About ID Ventures
ID Ventures was created by the nonprofit Invest Detroit in 2009 to enhance its overall mission to support inclusive growth of entrepreneurial ventures. As one of few venture funds located in Detroit, ID Ventures is one of the most active early stage investors in the state and have invested in over 120 Michigan-based companies across multiple sectors including life sciences and healthcare, information technology, fintech, mobility, advanced manufacturing and materials, among others. ID Ventures only invests in Michigan-based companies or those that are in the process of relocating and oversees additional programs designed to grow and support the state's startup ecosystem.
